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Explain how the law of demand affected your purchase

Anonymous

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Asked: Jan 18th, 2016

Question description

Think about a product that you have purchased recently
(e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure,
video game, etc.). Explain how the law of demand affected your purchase.
Give specific examples of how the determinants of demand and supply
affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the
demand curve and the supply curve when any of these determinants change?
Give examples of scenarios that would cause a change in demand versus a
movement along the same demand curve and supply curve for this product.
Discuss the new equilibrium price and quantity that result from these
changes. Can you demonstrate some of these changes graphically?